Parent company OnlyFans invests $19.9M in Ethereum

Ethereum (ETH) Cryptocurrency News
Ethereum (ETH) Cryptocurrency News

The parent company of the OnlyFans content subscription service, Fenix ​​International, invested $19.9 million in the second largest cryptocurrency by capitalization between 2021 and 2022.

As of the end of November last year, the firm recorded an unrealized loss on the position of $8.46 million. At that time, Ethereum fell to $1217, reducing the initial investment to $11.43 million.

Data: Phoenix International.

“There are no restrictions on the ability of the Group to sell cryptocurrency assets”, the document says.

OnlyFans launched in 2016. In 2022, the number of content creators increased by 47% to 2.16 million; the number of subscribers – by 27%, up to 188 million.

The service’s revenue increased from $4.8 billion to $5.6 billion, pre-tax profit from $433 million to $525 million.

In February 2023, OnlyFans added NFT support. Users now have the ability to set non-fungible tokens as profile avatars.

Later, two former OnlyFans executives, Tim Stockley and RJ Phillips, announced the creation of the Zoop platform for trading celebrity NFT gaming cards.

Recall that on August 21, daily fees for transactions in the Web3 social network Friend.Tech rose to $1.4 million, ranking third after Ethereum and Lido.

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